Q2 2024 Medigene AG Earnings Call Transcript
Key Points
- Medigene AG (MDGEF) successfully completed an oversubscribed capital raise, extending their cash runway into July 2025.
- The company has expanded its patent portfolio to 97 issued patents and 124 pending patent applications as of June 30, 2024.
- Medigene AG (MDGEF) reported a 45% increase in revenues for the first half of 2024 compared to the same period in 2023.
- The company has advanced its lead TCR-T program, MDG1015, and is on track for submitting an IND application to the FDA in Q3 2024.
- Medigene AG (MDGEF) has established a new strategic partnership with WuXi Biologics to co-develop TCR-guided T-cell engagers for the treatment of solid tumors.
- Access to public capital in the equity markets remains very challenging for biotech companies, including Medigene AG (MDGEF).
- Research and development expenses increased by 21% in the first half of 2024 compared to the same period in 2023.
- The net result for the first half of 2024 was a loss of EUR6.7 million, although this was an improvement from the previous year's loss of EUR7.0 million.
- The company terminated its partnership with Hongsheng Sciences, which included the return of the NY-ESO-1-targeted TCR asset.
- Medigene AG (MDGEF) has not disclosed specific terms of its new partnership with WuXi Biologics, leaving some uncertainty about the deal's financial impact.
Welcome, everyone, and thank you for joining us. With me today is Dr. Selwyn Ho, CEO of Medigene. Today, we announced financial results for the six months ended June 30, 2024. You can access the press release on the Investor Relations page on our website at medigene.com.
Before we get started, let's quickly run through the forward-looking statements. Please note that as part of our discussion today, management will be making forward-looking statements.
Although we believe our expectations are based on reasonable assumptions, by their very nature, forward-looking statements involve risks and uncertainties and may be influenced by factors that could cause actual results to differ materially from those expressed or implied by these forward-looking statements. Any forward-looking statements made on the call reflect the knowledge and information available at the time of this call. The company undertakes no obligation to update forward-looking statements. With that, I'll hand the call over to Selwyn.
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